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SoftBank Working With Nomura on $19 Billion Mobile IPO

  • Tech giant may focus offering on Japan individuals, people say
  • Advisory role could help Nomura win deal coordinator position
A man exits a SoftBank Group Corp. store in Tokyo, Japan, on Tuesday, July 19, 2016. SoftBank plunged in Tokyo after unveiling its $32 billion takeover of chip designer ARM Holdings Plc, a deal that marks founder Masayoshi Son's biggest gamble so far on the future of technology.
Photographer: Akio Kon/Bloomberg

SoftBank Group Corp. is working with Nomura Holdings Inc. as it makes early preparations for an initial public offering of its domestic telecom business that could raise more than 2 trillion yen ($19 billion), said people with knowledge of the matter.

SoftBank is considering marketing most of the offering to Japanese individuals, said the people, who asked not to be identified because the information is private. While no official mandates have been assigned, Nomura is advising the company on matters such as its strategy for distributing the shares, corporate governance and documentation needed to list on the Tokyo Stock Exchange, the people said.